The Canadian dollar advanced against the euro after Standard and Poor’s downgraded Greece’s credit rating, fueling concern that the nation may face default or even leave the Eurozone. The Canadian currency also rose against the US dollar and the Japanese yen. S&P reduced long-term credit rating of Greece to BB- from B and suggested that further reductions may follow. The credit agency explained the reasons for the downgrade: The downgrade reflects our view … “Canadian Dollar Gains vs. Euro After S&P Cut Greece’s Rating”
Month: May 2011
EUR/USD Halts Long Term Uptrend, Triggers Correction
EURUSD: Following a price collapse wiping out almost all of its two-week gains and a break below its medium term rising channel the past week, further corrective weakness is expected to push the pair further lower. Guest post by www.fxtechstrategy.com Despite its attempt at repairing a part of that technical damage in early trading today, corrective … “EUR/USD Halts Long Term Uptrend, Triggers Correction”
Aud/Usd Forming A Corrective Pull-back
Aud/Usd lost some ground in the past week, moved few pips below 1.0580 region but enough for invalidation of any bullish impulsive incomplete structure. As such, we think that top is in place, despite hawkish RBA at the end of the week, when pair found the support around 1.0535. Guest post by Gregor Horvat From … “Aud/Usd Forming A Corrective Pull-back”
Euro Scraps Rally as Optimism Wanes
The euro rallied today on speculation that the European Central Bank will increase its interest rates even as the threat of the sovereign-debt crisis persists. The optimism quickly waned, though, and the currency experienced a sharp drop. The euro was gradually rising today as the policy makers of the European Union agreed on May 6 to reconsider term of the bailout for Greece. The economic data was also favorable as the German trade balance surplus increased from â¬11.3 in February … “Euro Scraps Rally as Optimism Wanes”
Australian Dollar Boosted by Jobs & China’s Imports Outlook
The Australian dollar rose today as the number of jobs available in Australia grew and on speculation that China will increase its imports. Australia and New Zealand Banking Group reported that job advertisements increased 1.0 percent in April from March, following the 1.3 percent growth in March. Chinaâs imports rose 28.9 percent in April from a year ago, following the advance by 27.3 percent in March, according to the estimates of analysts before the government … “Australian Dollar Boosted by Jobs & China’s Imports Outlook”
AUD/USD Vulnerable On Correction
With AUD/USD wiping out its previous week losses and closing lower on a bearish engulfing candle pattern (top reversal signal), risk of further weakness is expected. This is coming on the back of a loss of upside momentum at the 1.1009 level. Guest post by www.fxtechstrategy.com With that said, risk of further weakness points lower … “AUD/USD Vulnerable On Correction”
Elliott Wave Weekly Wrap Up Video.
Hello Traders! In the next Weekly Wrap Up video we will go through the daily charts, and will present our bias for the next few days if not weeks. It really seems that US dollar is headed even higher, and that leg seen in this past week, is just start of something bigger. Guest post by … “Elliott Wave Weekly Wrap Up Video.”
EUR/CHF Sets Up For A Run At The 1.2422/04 Levels
The outlook for EURCHF remains to the downside following its loss of upside momentum at the 1.3238 level, its 2011 high. With continued declines seen at the end of the week, risk of further weakness is building up towards its major support at the 1.2422/04 levels, its Dec’2010/Mar’2011 lows. Guest post by www.fxtechstrategy.com The cross is … “EUR/CHF Sets Up For A Run At The 1.2422/04 Levels”
Week of Woes for Euro Behind, Uncertainty Ahead
This week was really bad for the euro as an impressive rally of the previous weeks quickly turned into a sharp slide, reducing optimism of euro bulls and making them question sustainability of the current price level. The shared European currency attempted to hold its ground against the dollar and even rallied against the pound, but any signs of strength waned and the currency abruptly fell after the European Central Bank announced that it’s maintaining … “Week of Woes for Euro Behind, Uncertainty Ahead”
Greece May Renounce Euro
The euro posted the biggest drop in a year after speculation that Greece may refuse using the shared 17-nation European countries renewed concerns for stability of the Eurozone. Greece’s Finance Ministry denied these rumors, saying that the country isn’t considering to stop using the euro as its currency. The unscheduled meeting of the European financial officials to discuss the restructuring of Greece’s debt will be held today in Luxembourg. Greece will be likely asking … “Greece May Renounce Euro”